Christmas spendings pushed inflation to11.98%, highest in 19months

Abdulwahab Isa

 

The impact of the last Yuletide season pushed up December’s Consumer Price Index (CPI), which measures inflation, by 11.98 per cent year-on-year in December 2019, the National Bureau of Statistics (NBS) has said. The NBS made this known in its CPI and Inflation Report of December 2019, released yesterday.

The 11.98 per cent rate is 0.13 percentage points higher than the 11.85 per cent recorded in the month of November 2019. On month-on-month basis, the NBS said the Headline index increased by 0.85 percent in December 2019, adding that this is 0.17 percentage points lower than the 1.02 per cent recorded in November 2019. Urban inflation rate rose by 12.62 per cent year-onyear in December 2019 from 12.47 per cent recorded in November 2019, while the rural inflation rate increased by 11.41 per cent in December 2019 from 11.30 per cent in November 2019. On a month-on-month basis, it said the urban index rose by 0.90 per cent in December 2019, representing a decline of by 0.17 percentage points from the 1.07 percent recorded in November 2019. In the same vein, the report stated that the rural index also rose by 0.82 percent in December 2019, down by 0.16 from the 0.98 per cent recorded in November 2019. In terms of food index, the report said food inflation rose by 14.67 per cent in December 2019 compared to 14.48 per cent in November 2019.

“This rise in the food index was caused by increases in prices of bread and cereals, meat, fish, oils and fats, potatoes, yam and other tubers,” it added. On a month-on-month basis, it said the food subindex increased by 0.97 per cent in December 2019, down by 0.28 percentage points from 1.25 per cent recorded in November 2019.

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One Thought to “Christmas spendings pushed inflation to11.98%, highest in 19months”

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